Trade Plan for 12/11-12/15
Jingle bells if no one sells
Last week the grind upwards continued once again, but this time the market finally broke out of its range. Was it convincing? While $ES/SPX futures and $NQ/Nasdaq futures were both aided by contract rolls on Friday, $SPY and $QQQ were up .24% and .57% respectively. So it’s technically a range breakout … but ‘meh.’😑 I was looking for a pullback into the first part of the week✅ and then because of structure I thought that if price reached the previous $ES high of 4634.50 it would likely push higher✅.
The main drama last week was in metals and crude oil. I was bullish bias precious metals for the week, but I closed my $SI/silver futures long swing on Sunday night when it got to my 26.07 measured move and the high of the week also occurred on Sunday night at 26.34 (right above a double weekly resistance I was watching.) 🎯
$GC/Gold futures also reached my weekly target of 2147.8 on Sunday night reaching a high of 2152.3 🎯,
I was bearish crude on the week✅, because I speculated that if it was going to pop, it should have done so in the previous 2 weeks. After a near perfect backtect of the triangle breakdown of 74.94 (high was 75.03) it declined into the week.
This week I share what I am watching for this high volatility FOMC week and @SLMacro shares 3 more stocks he is eyeballing in the stock picker’s market.
Summary of Market Action Last Week:
The indices declined into Wednesday and then rose into end of day on Friday. $ES/SPX futures and $NQ/Nasdaq futures were both aided by contract rolls but either way both managed to hold modest gains. $RTY/small caps futures didn’t roll yet, but in any case it slightly outperformed.
The relative strength streak for $GDX/gold miners ended last week, as miners declined amid a pullback for both $SI/Silver futures and $GC/gold futures. The precious metals topped out on Sunday night’s futures open and declined into Friday.
$CL/Crude Oil futures backtested my weekly triangle on Sunday night and then declined, but got a bounce on Thursday into Friday just like the indices. $XOP/oil equities broke down after a couple weeks of essentially flat closes and ended the week red.
Here’s how last week closed out:
For the week ahead (12/11-12/15/23)